Universal Education Act

Universal Education Act - Establishes the Universal Education Corporation to promote global education reform.

Authorizes the Corporation's Board of Directors, through its Chief Executive Officer, to provide assistance for eligible countries that enter into Universal Education Compacts with the United States. Allows such assistance to be in the form of grants, cooperative agreements, or contracts to or with national, regional, or local governments or nongovernmental organizations or private entities; but prohibits loan assistance.

Sets forth criteria for: (1) low-income countries or lower-middle-income countries to be candidate countries; (2) the Board's determination that a candidate country is an eligible country; and (3) elements of Compacts.

Requires the U.S. government, in entering into a Compact, to seek to ensure that the eligible country's government: (1) considers local perspectives of that country's rural and urban poor, including women; and (2) consults with private and voluntary organizations, the business community, and other donors in that country.

Requires the Corporation to coordinate its activities with those of the Agency for International Development (AID). Directs the AID Administrator to seek to ensure that appropriate AID programs play a primary role in preparing candidate countries to become eligible countries.